Galaxy Digital CEO Says Persistent US Deficits Keep Him Bullish on Bitcoin
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Michael Novogratz, chief executive officer of Galaxy Digital, said he remains bullish on Bitcoin because of rising US government deficits and debt.
Novogratz wrote on X on August 13 that the US fiscal outlook is becoming increasingly worrisome, crypto outlet U.Today reported. At some point, pressure from the bond market will force the government to restore fiscal discipline, he wrote.
Inflation across multiple sectors over the past decade has been directly correlated with the sharp rise in debt, he said. Incumbents in both parties will feel the impact in the midterm elections.
He added that he remains optimistic on Bitcoin despite muted momentum in the crypto market this year because the government has failed to address what he described as an addiction to spending.
